Nepal SBI Bank 24th AGM endorsing 15.42% bonus shares today; magnificent growth in FY 2073/74 as per press meet published 

Nepal SBI Bank Limited (SBI) is conducting its 24^th Annual General Meeting (AGM) today (Poush 19, 2074). The AGM is being held at Army Officers Club, Kathmandu at 11:00 AM. The main agendas of the AGM are:

• To endorse 15.42% bonus shares and 0.81% cash dividend from the net profit of FY 2073/74.
• To conduct election for Board of Director (BOD).
• To amend the Memorandum of Association (MOA) and Articles of Association (AOA).

Other agendas of the AGM are major financial highlights of the FY 2073/74 and appointment of auditor for the FY 2074/75. The book closure date for the AGM was set from Mangsir 29 to Poush 19. But only those shareholders holding their shares till today (Mangsir 28, 2074) i.e. one day ahead of the book closure date are eligible to participate in the AGM and proposed dividends. Its current paid up capital stands at Rs 6.97 arba. After 15.42% bonus shares, it will reach to Rs 8.05 arba. It has earned Rs 43.91 crore in the first quarter of the FY 2074/75. Also, the bank organized a press meet on Poush 17, 2074 and shared its Annual Progress for the FY 2073/74 with the news media. The media were informed about the improvement in the bank’s key efficiency parameters including other major achievements as under:

• The bank’s net interest income grew from Rs 2.41 arba to Rs 2.91 arba, registering a growth of 20.72%.
• The operating profit increased to Rs 2.33 arba, registering a growth of 13.63%.
• The net profit increased to Rs 1.52 arba, registering a growth of 14.36%.
• The bank’s cost of fund maintained at 3.54% (Previous year 2.55%).
• The expenditure ratio retained at 37.94% which was also same in the previous year.
• Non-interest income grew from Rs 92.02 crore to Rs 1.15 arba during the year, registering an increase of 25.67%.
• CD ratio is 75% at the end of the year.
• Capital Adequacy Ratio (CAR) reached to 15.71% as against regulatory stipulation of 11%.
• NPA stood at 0.10%.
• 69,905 new savings bank accounts are opened.
• The number of total deposit accounts reached to a level of 7.03 lakh showing an increase of 13.13% over the previous years.
• E-banking users of the bank reached to 56 thousand thereby registering the growth of 25.91%.
• Issuance of cards over 6.29 lakhs with the penetration of over 9%.
• The bank extended loans and advances of Rs 2.52 arba under SME Business portfolio registering year on year growth of 34.21%.
• The bank mobilizes total deposit of Rs 81.66 arba and extended loans and advances of Rs 63.75 arba at the close of the year.

During the meet, the media personnel were also briefed about bank’s strategy for growth. The bank has attained the present position in banking gradually but steadily in the past 24 years. The bank will leverage its position to expand the customer base by exploring new market segments and expanding delivery channels for its products, while at the same time, providing customer service of high standard by enabling its employees. Bank’s large network branches of ATM will help serve people residing in all areas of Nepal. This wide range of presence helps the bank build up larger customer base with low cost deposit. It was further informed that the Board of the bank has already decided to distribute 15.42% bonus shares and 0.81% cash dividend (for tax purpose) from the net profit of FY 2073/74 and the profit earned is subjected to approval from the 24^th AGM that is being held today. The bank’s financial statement for the FY 2073/74 are being moved to the AGM of the shareholders to be held today (Poush 19, 2074).